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UK

June 8, 2020

The UK tax authority’s suspension of its Inheritance Tax investigations during the coronavirus crisis gives family offices the opportunity to get their affairs in order, family lawyers say.

The UK tax authority’s suspension of its Inheritance Tax investigations during the coronavirus crisis gives family offices the opportunity to get their affairs in order, family lawyers say.

May 15, 2020

UK joins global clamour for Roche coronavirus testing kits, Henkel quarter rocked by changing consumer demands, Mack family saves the summer season with Europa-Park re-opening.

UK joins global clamour for Roche coronavirus testing kits

The Swiss fourth-generation biotech Roche Group is in demand as the United Kingdom follows the European Union and the United States in approving its coronavirus antibody testing kits for mass use.

May 6, 2020

Richard Branson has offered his home, Necker Island, as security to the UK Government, in the hope of obtaining a £500 million loan to support Virgin Atlantic through the coronavirus crisis. Many business owners, and other individuals, around the UK will need to source funding at this time, but may be unable or unwilling to mortgage their home. They may therefore be looking at what other forms of collateral they might offer to lenders.

Richard Branson has offered his home, Necker Island, as security to the UK Government, in the hope of obtaining a £500 million loan to support Virgin Atlantic through the coronavirus crisis. Many business owners, and other individuals, around the UK will need to source funding at this time, but may be unable or unwilling to mortgage their home. They may therefore be looking at what other forms of collateral they might offer to lenders.

April 22, 2020

Walton family’s Walmart hires 200,000 furloughed staff and pauses Asda sale, Barbour family switches production from clothing to personal protection equipment, Grosvenor Estate targets help at vulnerable businesses and families.

Walton family’s Walmart hires 200,000 furloughed staff and pauses Asda sale

Walmart, the world’s biggest family business, reached its goal of hiring 150,000 new employees by the end of May in less than a month and has pledged to hire an extra 50,000 staff as part of the US retailer’s response to the coronavirus crisis.

March 2, 2020

Families are being advised to get their financial affairs in order and brace for an increase in tax bills following the revelation the UK’s tax authority set up a secret unit to probe family investment companies, specifically their use by the wealthy to avoid inheritance tax.

Families are being advised to get their financial affairs in order and brace for an increase in tax bills following the revelation the UK’s tax authority set up a secret unit to probe family investment companies, specifically their use by the wealthy to avoid inheritance tax.

September 5, 2019

Business families of wealth are postponing their investments, considering moving their assets overseas and may even review their residencies as Britain’s turbulent exit from the European Union looms.

Business families of wealth are postponing their investments, considering moving their assets overseas and may even review their residencies as Britain’s turbulent exit from the European Union looms.

September 14, 2018

Moonves departure ends CBS/Viacom legal battle, Hermès share price rockets after strong half-year performance, and Grosvenor to build 30,000 homes by 2023.

Moonves departure ends CBS/Viacom legal battle

The long-running legal battle over the fate of US media groups CBS and Viacom has ended with the ousting of CBS chairman Les Moonves.

Moonves (68), a 24-year veteran of the US media companies controlled by the Redstone family, departed as chairman, president and chief executive following multiple allegations of sexual misconduct. He denies the allegations.

August 9, 2018

A 29% fall in the number of non-domiciled taxpayers in the UK could be a symptom of ultra-high net worth families and investors seeking other places to base themselves.

A 29% fall in the number of non-domiciled taxpayers in the UK could be a symptom of ultra-high net worth families and investors looking to move elsewhere.

Statistics released at the end of July by HM Revenue & Customs (HMRC) show the number of so-called “non-doms” was 91,000 in the 2016/17 tax year, compared with 120,000 the year before.

December 14, 2017

Essilor-Luxottica to hire chief executive, losses widen for British bag maker, and £100m sustainability fund launches

Essilor-Luxottica to hire chief executive

A position heading the company created by the €50 billion ($59 billion) merger of Luxottica and Essilor is about open up, with the firms acknowledging they will look for a new chief executive for the eyewear giant.

Hubert Sagnières, chairman and chief executive of Essilor, told the Financial Times he was “too old” for the new gig and confirmed the newly-created company would hire a new chief.

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